The Government has both increased & extended instant asset write-off.

On 9 June 2020, the government announced it will extend the $150,000 instant asset write-off until 31 December 2020.

From 12 March 2020 until 30 June 2020 the instant asset write-off:

• threshold amount for each asset is $150,000 (up from $30,000)
• eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).

So what does this mean to me?

As a qualified business, you can claim a deduction of up to $150,000 for the business portion of each asset purchased, first used, or installed from from 12 March 2020 until 30 June 2020. 

Click here to view further details from the ATO